Decker Company has five products in its inventory. Information about the December 31, 2021, Inventory follows. Product A B c Quantity 1,250 1,050 350 450 850 Unit Cont 623 29 5 12 28 Unit Selling FET 330 32 13 11 E 27 The cost to sell for each product consists of a 10 percent sales commission Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Determine the carrying value of inventory at December 31, 2021, assuming the LCNRV rule is applied to the entire inventory 3. Assuming inventory write downs are common for Decker, record any necessary year-end adjusting entry based on the amount calculated in requirement 2. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Product Determine the carrying value of Inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. (Do not round Intermediate calculations.) Units Cost NRV Inventory Value 1,250 1,050 850 $ 23 X $ 27 x B D E 450 850 23 $ 27 IS 0 The cost to sell for each product consists of a 10 percent sales commission Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Determine the carrying value of inventory at December 31, 2021, assuming the LCNRV rule is applied to the entire inventory 3. Assuming inventory write-downs are common for Decker, record any necessary year-end adjusting entry based on the amount calculated in requirement 2. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the carrying value of Inventory at December 31, 2021, assuming the LCNRV rule is applied to the entire inventory. (Do not round Intermediate calculations.) Inventory carrying value Decker Company has five products in its inventory. Information about the December 31, 2021, inventory follows Product Ouantity 1,250 B 1,050 650 D 459 850 Unit Coat $ 23 29 5 12 28 Unit Selling Price $30 32 13 11 27 The cost to sell for each product consists of a 10 percent sales commission. Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Determine the carrying value of inventory at December 31, 2021, assuming the LCNRV rule is applied to the entire inventory 3. Assuming Inventory write-downs are common for Decker, record any necessary year-end adjusting entry based on the amount calculated in requirement 2 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Assuming inventory write-downs are common for Decker, record any necessary year-end adjusting entry based on the amount calculated in requirement 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account held.) No Transaction General Journal Debit Credit
